Richemont's Performance Seen as Exceptionally Strong -- Market Talk
0651 GMT - Richemont's results seem exceptionally strong and show a very good execution of the jewelry business, RBC Capital Markets analysts Piral Dadhania and Nikolaos Lafioniatis say in a note. The Swiss luxury group reported sales of 6.15 billion euros for its fiscal 3Q ended Dec. 31, up 10% on year. This was ahead of consensus estimates of 5.63 billion euros. The beat was across all regions and divisions, with an exceptional acceleration at the group's core jewelry business over the holiday period, they say. "We expect these results to read-across positively to the wider luxury sector with positive share price reactions across the board," they say. Shares in Richemont closed at 139.05 Swiss francs on Wednesday. (andrea.figueras@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 01:51 ET (06:51 GMT)
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